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Aquila Resources Announces Election Results for its 2017 Annual and Special Meeting of Shareholders

Shares Outstanding: 271,539,638

TORONTO, May 23, 2017 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila"), a permitting-stage company advancing the zinc- and gold-rich Back Forty Project in Michigan's Upper Peninsula, today announced voting results for the election of directors at its Annual and Special Meeting of Shareholders (the "Meeting") held today, May 23, 2017, in Toronto.

A total of 140,619,174 common shares representing 51% of all of the Company's issued and outstanding shares were voted in connection with the Meeting. Shareholders approved all items of business before the Meeting, including the election of Directors as follows:

Nominees

Votes in Favour

%

Votes Withheld

%

Edward J. Munden (Chair of the Board)

98,600,105

99.72%

278,304

0.28%

Peter M. D. Bradshaw

97,391,777

98.50%

1,486,632

1.50%

Stephen Fabian

97,396,777

98.50%

1,481,632

1.50%

Barry Hildred

98,700,105

99.82%

178,304

0.18%

Kevin Drover

97,391,777

98.50%

1,486,632

1.50%

Andrew W. Dunn

97,391,777

98.50%

1,486,632

1.50%

Ian Pritchard

97,480,777

98.59%

1,397,632

1.41%

About Aquila Resources Aquila Resources Inc. (TSX: AQA) is a permitting-stage company with strategic assets in the Great Lakes Region. The company's experienced management team is currently focused on advancing permitting activities for its 100%-owned gold- and zinc-rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is a volcanogenic massive sulfide (VMS) deposit located along the mineral-rich Penokean Volcanic Belt in Michigan's Upper Peninsula. In its updated Preliminary Economic Assessment filed in September 2014, Back Forty demonstrated strong economics with a pre-tax NPV of $282 million ($210.8 million after-tax) and a pre-tax IRR of 38.8% (32% after-tax) based on mining 16.1M tonnes of measured, indicated, and inferred resources over the 16-year life of mine, of which 12.5M tonne will be open-pit and 3.6M tonnes will be underground.

This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statement with respect to: (i) the economic analysis contained in the PEA; (ii) the development plan of the PEA and results thereof; (iii) capital expenditure programs; (iv) the quality or quantity of the mineral resources subject to estimates by Aquila; and (v) work plans to be conducted by Aquila.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.